LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global vision care market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global vision care market will grow at a CAGR of over 4% during the forecast period. The rise in frequency of product launches is a major factor driving the market’s growth.
Various vision care manufacturing companies are focusing on increasing their market share by focusing on product launches through extensive investments in R&D. Companies are trying to differentiate products based on the demand by consumers like patients, hospitals, and ophthalmology clinics.
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In this report, Technavio highlights innovative product launches as one of the key emerging trends driving the global vision care market:
Innovative product launches
The global vision care market has witnessed several initiatives in innovative product development. For instance, the technology used for producing contact lenses witnesses constant modernization. Traditionally, lenses were produced using the molding and lathe processes. However, with advances in technology, modern molding techniques, and laser cutting technologies are employed. These technologies are efficient, reduce the overall cost, and improve the quality and precision of the final product. Such factors have increased product adoption rates, thereby benefiting the vision care market.
According to a senior analyst at Technavio for health and wellness research, “Advances in technologies have also affected the materials used for contact lenses. Siloxane compound is a recent innovation. It forms a thin, flexible film, and admits almost 25 times more oxygen to the eye than soft lenses that are popularly used. The introduction of such technologies will improve the quality of the lenses and provide enhanced results for vision.”
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Global vision care market segmentation
This market research report segments the global vision care market by product (glass lens, contact lens, IOLs, contact lens solution, and others) and key regions (the Americas, APAC, and EMEA).
The glass lens segment accounted for close to 74% share of the market in 2017. This can be attributed to the easy availability of products globally. This was followed by the contact lens segment and the intraocular lenses segment.
In 2017, the global vision care market was dominated by the Americas with a market share of over 39%, followed by EMEA and APAC. The Americas segment was the largest revenue contributor due to the presence of developed countries such as the US and Canada. These countries have advanced healthcare infrastructure.
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